AviLease to promote sustainable aviation fuel (SAF)
A memorandum of understanding (MoU) has been signed between AviLease,
and the Saudi Investment Recycling Company (SIRC) to launch the production and
distribution of sustainable aviation fuel (SAF) to former’s growing network.
The affiliation will enable the two sides to advance the production and uptake of sustainable aviation fuel which is also a cornerstone of Saudi Arabia’s Vision 2030.
According to industry experts, SAF is an important step to
decarbonize aviation in the short term, using existing global aircraft fleets
and infrastructure. International Air Transport Association (IATA) said in
December 2022 that sustainable
Aviation Fuel (SAF) production worldwide will grow exponentially by 2030.
AviLease will market SAF contracts to its global airline customer base while SIRC will act as financier and facilitator, assembling the necessary expertise in production technology and distribution capabilities to leverage the unique proposition of Saudi Arabia.
Mr. Edward O'Byrne, Chief Executive Officer, AviLease, said:
“Through this unique partnership, we will be able to bundle the supply of SAF
into our offerings, which we believe will trigger large-scale production of SAF
in a country that has the natural competitive advantages to become a low-cost
producer.”
Eng Ziyad Mohammed AlShiha, Chief Executive Officer, SIRC, said: “Our partnership with AviLease offers us direct access to the growing airline industry and allows us to tap into the enormous potential of SAF”.
Source: https://www.zawya.com/